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PHILANTHROPY

L.L. Bean heir and wife donate $1m to Portland hospital

An L.L. Bean heir and his wife are contributing $1 million toward the relocation of Mercy Hospital. James and Maureen Gorman said Northern Light Mercy Hospital is vitally important to the Portland, Maine, community. The Portland Press Herald reported the couple’s donation will go toward the nonprofit’s $20 million capital campaign to move its downtown Portland hospital to a medical campus on the Fore River Parkway. — ASSOCIATED PRESS

GOVERNMENT

FDA to issue new graphic warnings for cigarette packs

The corpse is gone. So are the grief-stricken woman, the man struggling to smoke despite a hole in his windpipe, and the rotting teeth. Nine years after the Food and Drug Administration first proposed graphic images as new warnings on cigarette packs but was thwarted by major tobacco companies in a successful court battle, the agency announced on Thursday that it is finally issuing a new set of images. They feature photos involving lung and bladder cancers, diabetes, a chest incision scar from surgery, blackened lungs, a bulging tumor on a woman’s neck, an underweight infant, and a man slumped on a bench who may be dealing with erectile dysfunction. — NEW YORK TIMES

MORTGAGES

Rates remain low

Long-term mortgage rates remained near historically low levels this week against a backdrop of volatile financial markets around the globe. Mortgage buyer Freddie Mac said Thursday the average rate on the benchmark 30-year loan was unchanged at 3.60 percent, its lowest level since November 2016. A year ago the rate stood at 4.53 percent. The average mortgage rate for 15-year, fixed-rate home loans edged up to 3.07 percent from 3.05 percent last week. — ASSOCIATED PRESS

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RETAIL

Tiffany launches first jewelry collection for men

Tiffany & Co. is launching its first comprehensive jewelry collection for men in October as it seeks to diversify its traditional customer base. The line announced Thursday is part of the Tiffany’s strategy to attract younger shoppers and pump up sales, which have been dampened by a decline in spending by tourists from China and elsewhere. Tiffany has sold money clips, cuff links, rings, and other traditional jewelry for men. Now it’s seeking to put a more modern spin on what it offers men. The new men’s collection includes nearly 100 designs ranging in price from about $200 to $15,000 for jewelry. — ASSOCIATED PRESS

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MANUFACTURING

Industrial production fell in July

US industrial production fell 0.2 percent in July, as factory activity slumped in a worrisome sign for the economy. The Federal Reserve said Thursday that the overall decline was caused primarily by a 0.4 percent drop last month in manufacturing production. Output decreased for autos, fabricated metals, wood products, textiles, and plastics and rubber products. Over the past 12 months, factory production has fallen 0.5 percent. Manufacturers’ struggles reflect a global softening in growth that has been magnified by President Trump’s use of tariffs to escalate a trade war with China. — ASSOCIATED PRESS

RETAIL

Kate Spade line still struggling

Tapestry Inc.’s struggling Kate Spade line didn’t return to sales growth as predicted last quarter, prompting the parent company to pull back on store openings for the brand and lower its outlook for the year. The shares fell as much as 1 percent, the lowest in 10 years.
— BLOOMBERG NEWS

RETAIL

J.C. Penney to sell used clothing

Shares of J.C. Penney surged after the ailing department store cut its quarterly losses in half and announced that it would begin selling used clothing to staunch fading sales. Retailers have been searching for ways to get people back into its stores in the decade since the global economic downturn altered consumer behavior, a period that has run parallel with the ascent of Amazon.com. Among the worst hit has been J.C. Penney, a company that traces its roots back to 1902 and just received a delisting warning from the New York Stock Exchange because its shares have fallen below $1. On Thursday, the Plano, Texas, company said it would partner with thredUP, a resale website where people can buy and sell clothes online. J.C. Penney will open threadUP shops in 30 stores soon. — BLOOMBERG NEWS

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INTERNATIONAL

Alibaba soars despite slowing economy in China

Alibaba Group Holding Ltd.’s quarterly revenue beat the highest analyst estimate after personalized shopping recommendations and a June sales bonanza drove China’s leading online retail business. Alibaba, whose business is predominantly domestic, is riding a surge in Internet shopping in defiance of a slowing home economy. Chinese online sales accelerated in the June quarter from the previous three months, helped by sales promotions that unfolded across the country’s largest e-commerce platforms. — BLOOMBERG NEWS

RETAIL

Walmart sales up on strong online grocery deliveries

Walmart raised its annual outlook after a strong second quarter for the world’s largest retailer thanks in part to strong online grocery deliveries. Sales at stores opened at least a year rose 2.8 percent, its 20th consecutive quarter in the right direction. US online sales increased 37 percent, driven by grocery sales. Walmart continues to hold enough sway to keep prices low even as its costs are rising and it’s pushing its online operations aggressively to counter Amazon.com. — ASSOCIATED PRESS

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AVIATION

Ryanair pilots in Ireland and the UK to strike over pay

Ryanair Holdings PLC’s summer of simmering industrial strife is set to come to a head next week after the company’s Irish pilots said they’ll walk out on the same days as UK crews following the collapse of pay talks. The double-whammy threatens to shut down flights at bases including London Stansted, Europe’s biggest discount hub, in the run-up to Britain’s August bank holiday — traditionally the busiest weekend of the year for UK travel.
— BLOOMBERG NEWS

CONSUMER SPENDING

Americans spent more at stores and restaurants in July

Americans spent more at retail stores and restaurants in July, a sign that concerns over weakening economic growth and a persistent trade war that have roiled financial markets have yet to dampen consumer confidence. Retail sales rose a healthy 0.7 percent last month after a 0.3 percent gain in June, the Commerce Department said Thursday. Online retailers, grocery stores, clothing retailers, and electronics and appliance stores all reported strong gains. Consumer spending, the primary driver of the US economy, appears healthy even as other sectors of the economy, such as business investment, have weakened amid growing uncertainty over the US-China trade conflict. — ASSOCIATED PRESS

INTERNATIONAL

Mexico’s central bank lowers benchmark interest rate

Mexico’s central bank said Thursday it was lowering its benchmark interest rate by a quarter-point to 8 percent, citing slowing global economic activity and tensions including the trade war between the United States and China. The drop from 8.25 percent was reportedly the first rate cut by the Bank of Mexico in five years. In a statement, the bank said ‘‘the risks that the global economy faces have increased’’ and also mentioned commercial disputes, the ‘‘disorderly’’ Brexit process, and deterioration of ‘‘some political and geopolitical risks.’’ — ASSOCIATED PRESS

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